2013 Spillover Report / International Monetary Fund.

Format:

Book

Author/Creator:

International Monetary Fund, author, issuing body.

Series:

Policy Papers ; Volume 2013: Issue 058

Language:

English

Subjects (All):

International finance.

International liquidity.

Physical Description:

1 online resource (29 pages).

Place of Publication:

Washington, D.C. : International Monetary Fund, 2013.

Summary:

Five years after the global financial crisis, the severe tensions and risks rooted last year in some of the 'Systemic five' (S5)-China, euro area, Japan, United Kingdom, United States--have abated but all five are still operating below potential, id est, they are not contributing to global activity as much as they might: if they could somehow close their output gaps, global output would be closer to potential by 3 percentage points. Meanwhile, many parts of the rest of the world have been at or near potential. Most recently though, there have been signs of accelerated recovery in the United States and slowdown in emerging markets. This continued divergence in cyclical positions poses a global challenge, namely to find policies that help the S5 close their output gap without over-stimulating or over-tightening, through spillovers, economies that do not need it.

Contents:

THE PAST YEAR'S POLICIES HAVE HAD SIGNIFICANT NEAR-TERM POSITIVE SPILLOVERS

A. Spillovers from Avoidance of Tail Risks and Reduction of Uncertainty

B. Spillovers from Further Quantitative Easing

C. Spillovers from Other Policies to Close the Output Gap

CURRENT POLICY SETTINGS POSE RISKS OF NEGATIVE SPILLOVERS AHEAD

D. Adverse Spillover Risks from Monetary Policies

E. Spillovers from Risks of Growth and Fiscal Consolidation Failures

POLICIES TO MINIMIZE RISKS AND MAXIMIZE POSITIVE SPILLOVERS

F. Macroeconomic and Structural Policies

G. Macroprudential Regulation 19

S5 AUTHORITIES' REACTIONS

CONCLUSION AND POLICY IMPLICATIONS

BOX

1. Rebalancing Policy Scenarios in the S5

ANNEXES

I. Modeling Frameworks

II. Spillovers to low-income countries.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

9781498382090

1498382096